- The PEPE token encounters uncertainty as a major whale, Dimethyltryptamine.eth, initiates the liquidation of 180 billion tokens.
- The market sentiment is affected, leading to a discounted trading price and a decrease in trading volume for PEPE.
The PEPE token community finds itself in a state of uncertainty as a major player, Dimethyltryptamine.eth, undertakes a significant liquidation, selling off a staggering 180 billion tokens.
Dimethyltryptamine.eth, renowned for their early acquisition of 5.9 trillion PEPE tokens at a meager cost of $251 or 0.125 ETH, has once again captured attention with their latest sell-off. Notably, Lookonchain, a prominent crypto insights service provider, revealed that the whale has successfully offloaded 180 billion PEPE tokens in exchange for 149.4 ETH tokens, equivalent to approximately $279,000. With this recent sale, the whale’s total token liquidation reaches an astounding 3.83 trillion PEPE tokens, accounting for 2,411 ETH and a combined value of around $4.5 million.
While some investors harbor doubts regarding Dimethyltryptamine.eth’s role within the memecoin community and the advantageous allocation they obtained, their trading activities have garnered interest from prospective traders. The substantial profits accrued by this whale, along with the early supporters of PEPE, have sparked curiosity among retail traders, encouraging a more receptive attitude towards memecoins and their potential to generate significant wealth.
Despite the extensive selloff, Dimethyltryptamine.eth still retains a considerable balance of 2.07 trillion tokens in their wallet, valued at approximately $3.24 million based on the current PEPE price.
The liquidation of such a substantial quantity of digital tokens carries several implications. Firstly, it triggers a negative sentiment among current token holders, potentially leading to panic selling. Additionally, the reduction in liquidity resulting from the whale’s actions can exert some influence on the token’s price.
As one of the top 100 digital currencies, PEPE boasts robust liquidity. Consequently, the recent liquidation, although significant in scale, has not directly impacted the token’s overall liquidity. However, the market sentiment surrounding PEPE has taken a bearish turn, with the memecoin now trading at a discounted rate of 1.20% at the time of writing.
This bearish sentiment is further highlighted by the PEPE price chart sourced from Coingape/Highcharts, revealing each token’s current trading price at $0.000001552. Moreover, the trading volume has plummeted by as much as 8.52% over the past 24 hours, reflecting the prevailing downturn in sentiment.
The PEPE token now stands at a critical juncture, enveloped in uncertainty following the significant liquidation by a major whale. The community remains on edge, contemplating the implications of this event for the token’s future. Investors vigilantly monitor the situation, seeking insights into potential consequences for their investments.